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The unpaid work of carers saves the UK £87bn per year - more than the total amount spent by the NHS in the last financial year, say experts.
The figure, calculated by the University of Leeds for the charity Carers UK, is up 52% since the last estimate, calculated in 2002.
The average person caring for a sick or frail relative is now estimated to save the nation more than £15,260 a year.
The government said measures had been taken to help carers, with more due.
The new figures are based on how much it would cost to provide alternative care if a carer was not available. This has been calculated at £14.50 an hour.
The total is more than four times the amount spent on social care services for adults and children by local authorities in the year 2005-2006.
Economy too reliant
Carers UK warned that the economy was over-reliant on care provided by family and friends - and if just a small proportion gave up it could have a disastrous impact.
It said many carers remained isolated and unsupported, with thousands living in poverty, unable to take up paid work or have a normal social life.
The charity said health and social care services had failed to keep pace with rising demand.
And the needs of those who required support were also becoming increasingly complex.
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